President Joe Biden held a press conference on May 10th, where he talked about the economy and inflation. Jared Bernstein with the Council of Economic Advisors for the White House granted me an interview after the press conference to further explain where our nation stands at this time with what I chose to call “the money crunch.”
Bernstein stated, “The core message of the speech the President gave today where he outlined his plan to fight inflation and lower costs for families hardest hit by them, and many of those families are, as he well knows, are in the Black community. This is a president who grew up in an area where price hikes mattered. If the price of gas went up, you talked about it at the kitchen table, just like people are today. And, sure it’s a real challenge in communities with lower income, but it’s also something that people are facing across the country. He outlined a detailed Agenda to try and help ease some of those price pressures.”
The U.S. Bureau of Labor Statistics recently announced that inflation reached 8.5% in March of this year, and that’s the highest inflation rate we’ve had since 1981. Bernstein says the actions of Russian President, Vladimir Putin, can be blamed for some of the inflation we see unfolding right now.
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